Chancay Megaport To Bring Prosperity to Peru: President Xi
Chancay port, Peru. Nov. 2024. X/ @CGTNOfficial
November 14, 2024 Hour: 8:57 am
40 percent of the port’s shares are owned by the Volcan, the world’s fourth-largest producer of silver and zinc.
On Thursday, Chinese President Xi Jinping published an article in the newspaper El Peruano, stating that the Chancay mega-port will be “a true path to prosperity” and will help foster development between China and Latin America.
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Currently, Xi is in Lima participating in the Asia-Pacific Economic Cooperation (APEC) summit and will later attend the Group of Twenty (G20) summit in Rio de Janeiro. Brazil and Peru are the Latin American countries where China invested the most money in 2023. In Lima, Xi will sign an update to the China-Peru Free Trade Agreement (FTA) and inaugurate the Chancay mega-port.
“With the first phase of this project, the maritime journey from Peru to China can be reduced to 23 days, saving more than 20 percent in logistics costs and generating annual revenues of $4.5 billion for Peru, along with more than 8,000 direct jobs,” the Chinese leader stated.
Chancay’s design is characterized by its advanced technology, an ecological focus, and an emphasis on security. However, this mega-port has raised concerns for the United States Southern Command (SouthCom).
The text reads, “China seeks to strengthen ties with Latin America at APEC summit. Chinese President Xi Jinping visits a region in need of alliances. Xi also traveled to Peru to inaugurate the first port built with Chinese investment, the Chancay megaport.”
“Peru will be able to establish a paradigm of multidimensional, diversified, and efficient connectivity that links the coast and the interior of the country. We must successfully complete the construction and operation of this port, so it becomes a true path to prosperity and promotes shared development between China and Peru, as well as between China and Latin America,” Xi said.
The Chancay port is located 80 kilometers north of Lima and is owned 60 percent by the Chinese state-owned company Cosco Shipping and 40 percent by the Peruvian mining company Volcan Compañía Minera, the world’s fourth-largest producer of silver and zinc.
The infrastructure will allow Peru to receive large-scale, high-capacity cargo ships, accommodating up to 24,000 containers. It aims to handle 30 to 40 percent of national cargo bound for China and Southeast Asia in the first years of operation.
Peru was one of the first Latin American countries to establish diplomatic relations with China, and bilateral ties have steadily advanced, especially after establishing the Comprehensive Strategic Partnership in 2013.
Xi emphasized that Sino-Peruvian cooperation has delivered “fruitful results and tangible benefits for both” and urged Peru to “practice true multilateralism and promote an equal and orderly multipolar world,” as well as “an inclusive and beneficial economic globalization.”
teleSUR/ JF Source: EFE